Jazztel Gets Spanish Listing
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[London, ENGLAND] Fiber optic operator and Internet service provider Jazztel plc announced Monday its listing on the Spanish "Nuevo Mercado" (New Market).
Jazztel completed its listing at the Madrid Stock Market ready for business Monday morning, trading under the symbol JAZ. It is also listed on both EASDAQ and NASDAQ, where it trades under JAZZ.
Jazztel, which sold its shares in the Spanish portal Ya.com to T-Online earlier this year, believes the listing will help the company gain new investors. Many Spanish retail and institutional investors only buy shares that are listed in Spain.
"We expect liquidity of our shares to increase over time as we broaden our investor base and analyst following," said Chief Executive Miguel Salms.
Jazztel is currently constructing a fiber optic telecommunications network in Spain and Portugal, and already has 4,200 kilometers of backbone fully operational. During the first nine months of this year it had EUR 88.5 million (US $75 million) in revenues.
Whereas most of the telecoms companies quoted on the Spanish Stock Market operate across many countries, Jazztel's operations are focused on the Iberian peninsula. The company now claims to be "the primary Iberia-only alternative for investors" who wish to invest in telcos on the Spanish market.
Following its divestment of Yacom Internet Factory in September, Jazztel acquired Adatel, a systems integrator for SMEs in Spain specializing in vertical wiring, PBX installation and data networks installation and maintenance. The two deals have given the company an entirely different profile -- one that may well be more attractive to Spanish investors.
Jazztel's Chairman Martin Varsavsky said he is convinced that the company will become a benchmark for investors in the new market.
Jazztel -- which incidentally has one of the most colorful and attractively designed Web sites of all European telcos -- regards the building of its fiber network and the provision of services to SMEs as the two components of its core business.